1. This has reference to the Regulation no.15 of the PFRDA (Retirement Adviser) Regulations, 2016. Wherein the on-boarding fee of Rs.120/- and a fee of Rs.20/- per transaction or a maximum of Rs.100/- per annum, for subsequent services, have been stipulated.

2. Further to the above mentioned charges, it has been decided by the Authority that and advisory fee of 0.02% may also be charged from any existing subscriber, on their assets under management (AUM) of NPS or any other scheme regulated by PFRDA, on the date of advice, subject to a minimum of Rs.100/- and maximum Rs.1000/- per annum, for providing advice to the subscribers.

3. The scope of such advice being provided by the retirement advisers in any manner, either oral or in writing to the subscribers will be limited to asset allocation and choice of a Pension Fund Manager (PFM) for their financial assets under NPS or any other scheme regulated by PFRDA.

4. The advisory fee can be charged by Retirement Adviser (RA) only when subscriber has signed an agreement with the RA for providing advice, wherein the lower and upper limits of advisory fee, as specified by the Authority may be incorporated. No advisory fee shall be charged at the time of on boarding of the subscriber along with on boarding fee of Rs.120/-

5. The circular is being placed on PFRDA website at http://www.pfrda.org.in.